Canadian business GRIT International has announced a planned acquisition of textile manufacturing company Obion Textiles.

Obion manufactures textiles for the clothing industry and is currently producing 500,000 pounds of finished textiles each month, a statement said.

GRIT plans to purchase a 75% stake in the company with Obion,to operate it under a yet to be established subsidiary. GRIT's other operations include mining, resources, utilities and manufacturing.